on hand and when sandy had, the amount paid out exceeded the cash on hand in our existing borrowing authority. so congress has to appropriate almost $9 billion so we could go out and borrow enough money to pay those claims off. who is paying the interest on that? who was ultimately sat with the data if the insurance policies never pay that off? do the taxpayer. you are the insurance come me. it's called the national flood insurance program. you are responsible for that exposure and at the point where fema can no longer borrow enough money for congress cannot find my money, we will build a payer claims that the fault, which means it will come back to you the taxpayer to make up the difference. why was the flood insurance program created in the first place? remember that saying about it might be assigned? from the private sector said the risk and exposure to flooding is greater than our ability to make returns for shareholders. first of all, insurance companies are not evil people. they have a job to do to manage risk in such a way they can provide coverage at a rate which they pay ou

going to get tougher. a national health crisis and the sandy proved all too clear a couple weeks ago, global warming is beginning to affect us dramatically in our not talking about stopping it. obviously the less we have, the better we are all in the more we become an urban society, the more we can do to solve these problems that are at the center of our challenges as a nation. so that is what i wanted to tell you tonight. thank you for your attention i welcome questions. hot hot >> you mentioned anything sport and does rate. what are some of the things we could do better? >> i was waiting for the question. >> you guys are doing such a great job and i'm not an expert on portland. i'm an expert in limited cities that i've worked to. i do have the impression. i say this with great trepidation. i do have a concern for your advocacy for bicycles and construction for bicycles is another form of high engineering and the london streets are redesigned by specialists with a single-minded focus on bicycles that may be undermining the ability. i'll be very specific. when you remove parallel par

. but there really was a balance sheet driven industry. and along came my friend sandy lyle who i referred to earlier, a brilliant fellow, who through the travelers transaction figured out a way in essence to transform banking to an income statement driven system. i've been a hedge fund for years, as you mentioned. i cared about what i made every year, and it was a different culture than that i experienced as a banker. so i'm not sure we can stuff dodd-frank, that gene, back in the bottle. i'm not saying, we're not saying, our teams are not saying that the holding copies cannot engage in these other activities but other activities but what we're saying is they will not have government guarantees. they will not be able to borrow from the discount window, plain and simple. every simple. everyone of their clients will acknowledge the fact that that money is at risk. so it's not forbidding. it doesn't formally split, but it applies to guarantees only to specific practice, what we would call commercial banking, to deposit taking entity. and to none of the rest it would be made extremely clear. as to the s

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